In this article, we provide a new basis for the kernel of the Shapley value (Shapley, 1953), which is used to construct a new axiom of invariance, and to provide a new axiomatic characterization of the Shapley value. This characterization only invokes marginalistic principles, and does not rely on classical axioms such as symmetry, efficiency or linearity. Moreover, our approach reveals a new instructive role played by veto players.
